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Some balance issue regarding SCW:
In most of the games I´ve started so far (about 20 or so) Nat.Spain had won the SCW by early 1937. There´s no going back and forth, the campaign is never dragging on for some time before eventually numbers and/or research have given an advantage over the enemy.
 
some issues in the later game: I am playing as JAP
In mid 1943 GER managed to bogg down SOV to the "point of no return" (Leningrad, Moskau, Stalingrad + Kaukasus) - I joined Axis in 1941 and captured Vladiwosok and Okhotsk in 1942. Bitter Peace never fired so it took more than a year till SOV got annexed.
As I had the same experience in my last GER game (= bitter peace did never fire), please check the surrender events! did anyone ever had one of those?

in the West GER got a permanent beating from ENG & USA bombers but IC didn't got reduced much.
on the other hand ENG was out of rares in 1942 and had its IC dropped to 1/2
now in the end of 1945 there is no movement anywhere - GER doesn't stand a chance to invade ENG (weak airpower, about 30 to ENG 70 and USA 90 air). naval power wouldn't be that much of a problem since I (JAP reduced ENG & USA navy to shreds, so it's about GER naval 30, JAP naval 100 to ENG naval 60 and USA naval 20)
Problem is: GER doen't expand is navy or airforce enough to ever invade ENG
seems the war will drag on for more years since noone is going to get the edge...
 
Playing as CZECH, a loyal ally of GER the Bitter Peace seemed to fire correctly - Axis controlled Moscow Leningrad, Stalinggrad, Baku, Chelyabinsk.

Playing as USA, I did a couple of moves to Central Planning and at one stage was down to c300 rares and couldn't get enought durable trades so I had to buy them from a friendly nation via negotiations to keep going.

Even now the 1937 recession has ended I still need to import lots of rares and have few reserves. This seems to be working nicely.

Regards

Vermin